Due to high demand and short supply, finding a rental home became next to impossible. Corrupt and spoiled real estate agencies do not make life better but abusing their control over this valuable recourse. Real estate market nearly turned into neo-feudalism where robber barons of real estate exploit tenants.
Fresh radical measures are needed to fix this abysmal situation. Investment properties should stop functioning like noble titles and work more like services on the market.
First of all, we need to radically increase the number of available rental properties. To that end we need higher tax on properties as well as extra tax on unoccupied properties. That would put pressure on them to rent everything they have out.
Second, we need a serious restructuring on how real estate agencies and agents operate. To achieve that we need a mandatory ethics code on real estate agencies, with hefty fines. We should also ban real estate agents from working in the industry if they violate the code. Harsher regulations on real estate agents would prevent them from acting like robber barons and force them to act like personnel in any other industry.
Some other measures in addition to these should be considered to further improve the situation.
Only radical measures can fix rental market that have long gone out of control. Government should act as soon as possible to fix this problem to avoid society devolving into neo-feudalism.
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